Half the shipyards in China to go bankrupt

About 50 per cent of ship-building companies in China may go bankrupt in the next two to three years, Serenities Daily reported, citing Tan Zuojun, general manager of China State Shipbuilding Corporation.

Global new orders in the first five months was 6.7 million Compensated Gross Tonnage, down 50 per cent year-on-year, Securities Daily reported citing Clarkson Research.

The total value of these new orders amounted to US$22.3 billion (S$28.4 billion), decreasing at an annual rate of 47 per cent year-on-year, according to Clarkson Research.